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THAI’s rescue plan to reduce airline group’s workforce by 50%
March 3rd 2021
Thai Airways International (THAI) said yesterday its rehabilitation plan had been submitted to the official receiver. Read More »
Local media reported acting executive vice president of the finance and accounting department, Chai Eamsiri, said THAI is seeking a 50 billion baht (US$1.7 billion) capital injection, including 30 billion baht by June.
The job losses will cut full-time staff to 14,000-15,000 employees by 2025 compared with 29,000 staff in 2019, THAI acting president, Chansin Treenuchagron, said.
Aircraft types are to be reduced from 12 to five. The fleet will shrink to 86 aircraft in four years compared with the 103 airplanes in the flag carrier’s fleet as of last December. Overall, costs are intended to be lower by 35%. THAI's creditors will vote on the rehabilitation plan on May 12. If approved, the package will be submitted to the Central Bankruptcy Court for consideration.
